Nuevo Business Park
Kearny teamed with Pacific Coast Capital to acquire the 76 acre Nuevo Business Park. The property was acquired in four phases beginning in November 2004 and included the acquisition of 8.4 acres at a property tax foreclosure sale.
The Project is comprised of 16 freeway adjacent, rail-served acres, six freeway commercial acres, and 53 acres zoned for business park uses.
Total project costs will be approximately $60 million. Kearny successfully received approval of the EIR and Tentative Map in July 2007 to subdivide the property into finished parcels ranging from one to eight acres with eventual buildout of approximately one million square feet.
The property’s location along the 215 Freeway at the Nuevo Road on/off ramp provides excellent freeway visibility and access, and adjacency to significant retail amenities. Nuevo Business Park is 20 miles north of Temecula, where Kearny completed Westside Business Center, and 10 miles south of the I-215, Highway 60 interchange, ideally situated to capitalize on the growth occurring in the Inland Empire.
Indicative of Kearny’s flexibility and willingness to respond to changing market conditions, rather than execute the original business plan of speculative and build-to-suit projects, Kearny completed $3 million in off-site sewer, water and storm water improvements and sold the land in three separate transactions to two developers and one user in 2007 for returns significantly exceeding the original underwritten returns with considerably less risk.